CandleFocus Bitcoin Dumps $4,000 as Fear Grips Markets on Middle East Conflict
2024-10-02
Author: Content Editor
Bitcoin prices experienced a significant drop of almost $4,000 in less than 24 hours following an Iranian missile strike on Israel. The cryptocurrency recovered slightly but remains down 3% on the day. Despite the panic sell-off, analysts believe this behavior is not unusual during geopolitical tension. Bitcoin's volatility contrasts with commodities like gold and crude oil, which saw an increase. The specter of war in the Middle East has affected the entire crypto market, with total capitalization falling by 4.7%. Ethereum also experienced losses but recovered slightly. Altcoins, including Dogecoin, Toncoin, Avalanche, Shiba Inu, Chainlink, and Polkadot, saw heavier losses. Overall, this event reflects the typical behavior and panic of some investors in the cryptocurrency market.
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